The US SEC has agreed for EmpiresX, a cryptocurrency hedge fund, to pay a fine of over $34.83 million as part of a settlement.

According to BlockBeats news on May 24th, the US Securities and Exchange Commission (SEC) has reached a settlement with the cryptocurrency hedge fund EmpiresX, which has already collapsed. The company has agreed to pay a fine of $34,839,951 for charges of defrauding investors and violating securities laws. In June 2022, the SEC announced fraud charges against EmpiresX and its co-founders Emerson Sousa Pires and Flavio Mendes Goncalves, as well as chief trader Joshua David Nicholas. The four defendants were accused of "falsely reporting a daily profit of 1% to lure investors and misappropriating large sums of investors' funds for themselves."